FDN Ft Fdn

    FOR IMMEDIATE RELEASE

                                      Fieldens PLC ('Fieldens' or 'the Company')                                       

Disposal of operating business

On 11 October 2002 the board of Fieldens signed an unconditional agreement with Newco (ATV Tyre and Wheel) Limited for
the sale of the operating assets of its tyre, wheel and all terrain vehicle ('ATV') business (the 'Transaction'). The
maximum consideration receivable by the Company under the terms of the Transaction is �367,000, comprising an initial
cash payment of �279,000 and deferred consideration of up to �88,000, payable over the next six months. Fieldens will
retain its existing cash balances of �463,000 as at 11 October 2002 and also retains the freehold of the Starhouse,
Suffolk site together with some of the stock of the business being sold.

Newco (ATV Tyre and Wheel) Limited ('Newco') is a private company formed for the purpose of the purchase and controlled
by Mr. Neil Rosenthal, an experienced executive in the agricultural tyre and wheel industry. Newco is expected to
change its name to Fieldens (Wheels Tyres and ATV Limited).

The principal activities of the tyre and wheel business are the sale of tyres, wheels, ATVs, grass cutting equipment
and all ancillary equipment to the agricultural and construction industries. The business comprised the sole trading
operations of Fieldens. In the year ended 30 June 2001, the business reported operating losses of �48,798 on sales of
�3.174 million. Excluding the cash, stock and premises being retained by the Company, the adjusted net assets of the
business being sold at 30 June 2001 were approximately �574,000.

As a result of the Transaction, Mr David Morley, the managing director of the Tyre and Wheel business will be joining
Newco and has resigned as a director of Fieldens with effect from 11 October 2002.

The terms of the Transaction include all of the plant and equipment and vehicles, the majority of stock and the trade
debtors. The balance of the stock is expected to be sold to the new owners or to others over the course of the next 12
months for up to �117,000. The new owners have also undertaken to pay all the trade creditors of the business as they
fall due and have provided indemnities and bank guarantees to that effect.

The Transaction will, subject to a stock take and completion accounts, entail a write off against the value of the
company's net assets of up to �171,000. The net assets of the Company as at 30 June 2001 amounted to �1.53 million.
Fieldens expects to announce its audited results for the year ended 30 June 2002 shortly.

Mr Rosenthal has been granted a five year lease over the Starhouse site together with an option exercisable on or
before 31 May 2003 to acquire the freehold of the site at its present net book value of �405,000. Following an initial
four month rent free period, rent will be at base rate plus two per cent. on the option value until 31 May 2003, when
the rent will increase to a market value of �5,000 per month for the remainder of the term, subject to the option not
being exercised to acquire the freehold.

Derek Bonham, Chairman of Fieldens, said that the sale of the tyre and wheel business would enable the board to
accelerate plans to find a new strategic direction for the group. "As previously stated, the Board has been
investigating new business areas for the Company, in which the proceeds of the sale will be invested. We hope to make
a further announcement in due course."

Mr Bonham added, " I would like to thank Mr Morley and Simon Smith, the chief accountant and company secretary, and all
the staff at the operating business for their efforts in the past year under difficult market conditions. The purchaser
of the business has a great deal of experience in the sector and has imaginative ideas for the future. We hope that
the business will develop strongly under new ownership. I should also like to thank Mr Morley for his contributions to
the strategic discussions on the main board."

14 October 2002

For further information :

Andrew Arends, Chief Executive  Fieldens PLC 020-7376-0074

Graham Shore / Jonathan Nelson  Shore Capital 020-7408-4090


                                                                
                                                                
                                                                

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